OK REAL ESTATE TEST (PSI TEST
QUESTIONS)
Under what condition can confidential info be released? - correct answer The
party gives consent to the disclosure in writing.
The seller makes a counteroffer. The Buyer accepts and decides to reply using
"snail mail". When is a valid purchase contract created using the post office? -
correct answer When the offeree puts the acceptance in the mail.
Title insurance is always paid... - correct answer By the buyer.
The revolving fund is under the management of? - correct answer The Oklahoma
Real Estate Commission (OREC)
When a form of real estate sales contract has been agreed to and signed by the
purchasers and given to the seller's broker with an earnest money check, -
correct answer this transaction is considered an offer.
A property owner in a development is required to have a shake roof. This
requirement is most likely to come from - correct answer A deed restriction.
A borrower grosses $4,000 per month and pays $600 monthly for debt
obligations. What monthly payment for housing expenses (principal, interest,
taxes, insurance) can this person afford based on an FHA debt ratio of 41%? -
correct answer $1,040
What must an associate include in all advertising? - correct answer associate's
Broker's name
,Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North,
Range 2 East of the Cimarron Meridian would be which legal description? -
correct answer Rectangular survey
One member of the Oklahoma Real Estate Commission is set aside for A. a
layman B. a lawyer. C. a member of the OAR. D. none of the above. - correct
answer layman
Any real estate broker who charges and collects any fees in advance of the
services provided by the broker shall provide a detailed accounting of
expenditures to the person such services are performed for within A. 15 days
after the time specified to perform such services or upon written request from
person for whom services are performed for, but no longer than one year from
date of contract for such services. B. 2 days after the time specified to perform
such services or upon written request from person for whom services are
performed for, but no longer than one year from date of contract for such
services. C. 10 days after the time specified to perform such services or upon
written request from person for whom services are performed for, but no longer
than one year from date of contract for such services. D. 5 days after the time
specified to perform such services or upon written request from person for whom
services are performed for, but no longer than one year from date of contract for
such services. - correct answer 10 days after the time specified to perform such
services or upon written request from person whom services are performed for,
but no longer than one year from date of contract for such services.
A release clause in a mortgage - correct answer Allows portions of the property,
given as security, to be released from the mortgage lien upon performance of a
specified act
The minimum age to get a Provisional Real Estate License in Oklahoma is? -
correct answer 18 years of age or older
A provisional sales associate is - correct answer allowed to enter into an
agreement in the name of the real estate broker.
, The taxable income from an investment property is estimated by using which of
the following formulas? - correct answer Net income minus interest and
depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in the lot? -
correct answer 1.17 acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is it? - correct
answer 1/4 acre
The supreme power inherent in the state to take land from the owner by due
process of law when necessary for the states use in the public welfare is - correct
answer eminent domain
Claire, who is a real estate broker, closes her office. Claire - correct answer Must
terminate all advertising in the name of her firm and offering signs must be
removed within 30 days.
Which of the following deeds would be most preferred by the buyer? - correct
answer General warranty deed
The Real Estate commission May discipline licensees, instructors, and real estate
schools by which of the following? - correct answer All of the above
A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way
home,she drove into another car killing the driver; got charged with vehicular
homicide; and enter a Nolo Contendre plea. What's next? (7762) - correct answer
Both 1 and 2 are correct
Albert who is a broker went to get a listing on a piece of property Bill was wanting
to sell. Bill indicated to Albert that he did not want his house sold to a Hispanic.
Which should Albert do? - correct answer Refuse to list the property.
QUESTIONS)
Under what condition can confidential info be released? - correct answer The
party gives consent to the disclosure in writing.
The seller makes a counteroffer. The Buyer accepts and decides to reply using
"snail mail". When is a valid purchase contract created using the post office? -
correct answer When the offeree puts the acceptance in the mail.
Title insurance is always paid... - correct answer By the buyer.
The revolving fund is under the management of? - correct answer The Oklahoma
Real Estate Commission (OREC)
When a form of real estate sales contract has been agreed to and signed by the
purchasers and given to the seller's broker with an earnest money check, -
correct answer this transaction is considered an offer.
A property owner in a development is required to have a shake roof. This
requirement is most likely to come from - correct answer A deed restriction.
A borrower grosses $4,000 per month and pays $600 monthly for debt
obligations. What monthly payment for housing expenses (principal, interest,
taxes, insurance) can this person afford based on an FHA debt ratio of 41%? -
correct answer $1,040
What must an associate include in all advertising? - correct answer associate's
Broker's name
,Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North,
Range 2 East of the Cimarron Meridian would be which legal description? -
correct answer Rectangular survey
One member of the Oklahoma Real Estate Commission is set aside for A. a
layman B. a lawyer. C. a member of the OAR. D. none of the above. - correct
answer layman
Any real estate broker who charges and collects any fees in advance of the
services provided by the broker shall provide a detailed accounting of
expenditures to the person such services are performed for within A. 15 days
after the time specified to perform such services or upon written request from
person for whom services are performed for, but no longer than one year from
date of contract for such services. B. 2 days after the time specified to perform
such services or upon written request from person for whom services are
performed for, but no longer than one year from date of contract for such
services. C. 10 days after the time specified to perform such services or upon
written request from person for whom services are performed for, but no longer
than one year from date of contract for such services. D. 5 days after the time
specified to perform such services or upon written request from person for whom
services are performed for, but no longer than one year from date of contract for
such services. - correct answer 10 days after the time specified to perform such
services or upon written request from person whom services are performed for,
but no longer than one year from date of contract for such services.
A release clause in a mortgage - correct answer Allows portions of the property,
given as security, to be released from the mortgage lien upon performance of a
specified act
The minimum age to get a Provisional Real Estate License in Oklahoma is? -
correct answer 18 years of age or older
A provisional sales associate is - correct answer allowed to enter into an
agreement in the name of the real estate broker.
, The taxable income from an investment property is estimated by using which of
the following formulas? - correct answer Net income minus interest and
depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in the lot? -
correct answer 1.17 acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is it? - correct
answer 1/4 acre
The supreme power inherent in the state to take land from the owner by due
process of law when necessary for the states use in the public welfare is - correct
answer eminent domain
Claire, who is a real estate broker, closes her office. Claire - correct answer Must
terminate all advertising in the name of her firm and offering signs must be
removed within 30 days.
Which of the following deeds would be most preferred by the buyer? - correct
answer General warranty deed
The Real Estate commission May discipline licensees, instructors, and real estate
schools by which of the following? - correct answer All of the above
A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way
home,she drove into another car killing the driver; got charged with vehicular
homicide; and enter a Nolo Contendre plea. What's next? (7762) - correct answer
Both 1 and 2 are correct
Albert who is a broker went to get a listing on a piece of property Bill was wanting
to sell. Bill indicated to Albert that he did not want his house sold to a Hispanic.
Which should Albert do? - correct answer Refuse to list the property.
